Buying a Condominium
Perks of Condo Living
When you move into a condominium, you are joining a community of homeowners pooling resources. That means there are some serious perks to joining a homeowner's association. Though you are responsible for the maintenance inside your walls, roof, exterior siding and paint, even yard maintenance are most often covered, and condominium communities include amenities like pools, clubhouses, or security personnel. Additionally, condos tend to be cheaper than detached homes with similar square footage. If you're buying your first home, if you have limited mobility or desire to do your own repairs and yard work, if you often travel, or if you're hoping to rent the property, a condo is a really attractive homeownership option.
When you purchase a condo, you're buying into a community, and some of that community will share walls with you. That means there are community rules, determined by the Homeowners' Association bylaws, regarding noise, behavior, and sometimes even aesthetics. If you like to march to your own drum, you might feel fenced in.
When you buy a condominium, you're becoming a partner in a business. You pay regular HOA dues, which cover all those nice amenities, and along with your neighbors keep your neighborhood in shipshape. You'll want to make sure your HOA is clear about their budget and priorities, so your HOA dollars are optimized. Before you buy, make sure there aren't too many delinquent condo owners in the association or you could be left holding the bag. Additionally, a poorly-run HOA might not anticipate and save for regular, major costs like roof replacement, meaning a major collection would be required before making needed repairs.
Five documents to request before closing
In addition to the normal inspection reports and disclosures you would procure in any home sale, you'll want to review these documents particular to condominiums:
- HOA Articles of incorporation and Bylaws
- Conditions, Covenants, and Restrictions
- Board minutes (past year at least!)
- Current HOA Assessments and Budget
- Budget Reserve Study
Purchasing a condo can be a great decision that gives the joy of homeownership without the overhead of maintenance. Just make sure you do your due diligence to ensure your condominium community meets your standards too!
The Portland Home Team are Portland natives who love their home town and know the market better than anyone. Trust them to help you find your dream Portland home!
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